USDSⓈ-M Options: Trade Linear BTC and ETH
We're launching USDSⓈ-Margined Options on BTC and ETH as part of our regulated derivatives offering in UAE and Australia*.
Margin, premium, P&L, and settlement are all denominated in USD, with stablecoin support for USDC and USDG*. Both products are available on web and app from today, and sit alongside our existing crypto-margined options on the same chain.
What this means for you
If you trade options in dollars, you can now do that on OKX without thinking in BTC or ETH first. Your collateral holds its USD stablecoin value. Your Greeks display in USD. Your P&L at expiry is a dollar figure, paid out in the stablecoin of your choice.
For institutions that couldn't trade coin-margined options under their compliance frameworks, this opens BTC and ETH options on OKX for the first time. Margin and settlement in USD, USDC, or USDG meets the typical USD-denominated requirement, and options exposure offsets directly against your existing perps and spot in the same unified margin pool.
How USDSⓈ-Margined Options compare to Crypto-margined
Both products are live. The difference is the unit of account.
Crypto-M Options | USDSⓈ-M Options - NEW | |
Margin currency | BTC or ETH | USD, USDC, or USDG* |
Premium quoted in | Crypto | USD |
Payoff type | Inverse | Linear |
Payoff formula | (S − K) / S × multiplier × qty, in BTC/ETH | (S − K) × multiplier × qty, in USD |
Min. contract size | 0.01 | 0.01 |
Example contract | BTC-USD-241231-50000-C | BTC-USD_UM-241231-50000-C |
The two products live on the same options chain. One toggle switches between them. Same interface, same order types, same margin modes.
A worked example
Say BTC is trading at $60,000 and you buy one call with a $55,000 strike for a premium of $6,000. At expiry, BTC settles at $65,000.
On a Crypto-M call, your payoff is calculated in BTC. You earn (65,000 − 55,000) / 65,000 = 0.1538 BTC, minus the premium paid in BTC. Your final P&L sits in BTC, and its dollar value moves with BTC between the time you opened the trade and the time you closed it.
On a USDSⓈ-M call, your payoff is $10,000 flat. Premium paid was $6,000. P&L is $4,000, settled in the stablecoin of your choice. No conversion, no second variable. The dollar number you see on screen is the dollar number that lands in your account.
That's the practical difference. Linear payoffs can make sizing and outcomes easier to read, especially if your reporting, treasury, or trading book runs in dollars.
Why we built it this way
Three benefits matter most:
Stablecoin collateral: posting USD, USDC, or USDG as margin means your collateral tracks the USD stablecoins rather than BTC or ETH
Settlement choice: USD, USDC, and USDG are all accepted as settlement. As of today, that's more accepted settlement currencies than any other crypto options venue, so you can pick the one that fits your treasury, your reporting, or your jurisdiction.
Margin efficiency across products: options, perpetuals, and spot all sit in the same Unified Account. Collateral and PnL move across products without transfers between sub-accounts, and customers on Portfolio Margin mode see margin requirements calculated across the whole portfolio. For desks running options as part of a wider derivatives programme, this is the difference between OKX behaving like one venue and behaving like three.
What's next
If you're an institution, you can contact your OKX relationship manager to get set up, or refer to the API documentation here. For everyone else, the toggle is on the options chain today.
* Note: USD, USDC or USDG availability varies by region. The Australian product is available to wholesale clients only, and denominated in USD stablecoins and not fiat currency. While they may be intended to do so, there is no guarantee that USD stablecoins will hold a 1:1 value to USD.
